Companies That Voluntarily Restored CPF Contribution Rates for Employees Aged 55 Years and Above

Debated in Parliament on 2 Sep 2019.

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Assoc Prof Daniel Goh Pei Siong asked the Minister for Manpower for the number of companies and employees that have voluntarily restored CPF contribution rates for employees aged 55 and above.
Mrs Josephine Teo explained that employers can make voluntary CPF contributions through schemes like the Additional MediSave Contribution Scheme and others, but these are private arrangements.
The CPF Board does not track the basis for these voluntary contributions, such as whether they are for equalising CPF rates for employees aged 55 and above.
In 2018, about 1,000 employers made voluntary contributions for approximately 13,000 employees aged 55 and above.
The response highlights a gap in data collection regarding the specific reasons for voluntary CPF rate restorations for older employees.

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Assoc Prof Daniel Goh Pei Siong

Assoc Prof Daniel Goh Pei Siong asked the Minister for Manpower to date, how many companies have voluntarily restored the CPF contribution rates for employees aged 55 years and above and how many employees have benefitted.

Mrs Josephine Teo

Today, employers can make voluntary CPF contributions on top of mandatory CPF contributions for all their employees. The three ways are through the Additional MediSave Contribution Scheme, Retirement Sum Topping Up Scheme and Voluntary Contribution to all three CPF Accounts Scheme.

In 2018, about 1,000 employers made voluntary contributions for about 13,000 employees aged 55 and above. However, as these are private arrangements between the employers and their employees, CPF Board does not have sight over the basis for voluntary contributions and if they are due to voluntary equalisation of CPF contribution rates for employees aged 55 and above.

Summary written by AI (learn more)

Assoc Prof Daniel Goh Pei Siong asked the Minister for Manpower for the number of companies and employees that have voluntarily restored CPF contribution rates for employees aged 55 and above.
Mrs Josephine Teo explained that employers can make voluntary CPF contributions through schemes like the Additional MediSave Contribution Scheme and others, but these are private arrangements.
The CPF Board does not track the basis for these voluntary contributions, such as whether they are for equalising CPF rates for employees aged 55 and above.
In 2018, about 1,000 employers made voluntary contributions for approximately 13,000 employees aged 55 and above.
The response highlights a gap in data collection regarding the specific reasons for voluntary CPF rate restorations for older employees.

Questions identified by AI (learn more)

Companies That Voluntarily Restored CPF Contribution Rates for Employees Aged 55 Years and Above

Debated in Parliament on 2 Sep 2019.

Summary written by AI (learn more)

Assoc Prof Daniel Goh Pei Siong asked the Minister for Manpower for the number of companies and employees that have voluntarily restored CPF contribution rates for employees aged 55 and above.
Mrs Josephine Teo explained that employers can make voluntary CPF contributions through schemes like the Additional MediSave Contribution Scheme and others, but these are private arrangements.
The CPF Board does not track the basis for these voluntary contributions, such as whether they are for equalising CPF rates for employees aged 55 and above.
In 2018, about 1,000 employers made voluntary contributions for approximately 13,000 employees aged 55 and above.
The response highlights a gap in data collection regarding the specific reasons for voluntary CPF rate restorations for older employees.

Questions identified by AI (learn more)

Full Transcript

Assoc Prof Daniel Goh Pei Siong

Mrs Josephine Teo

Summary written by AI (learn more)

Assoc Prof Daniel Goh Pei Siong asked the Minister for Manpower for the number of companies and employees that have voluntarily restored CPF contribution rates for employees aged 55 and above.
Mrs Josephine Teo explained that employers can make voluntary CPF contributions through schemes like the Additional MediSave Contribution Scheme and others, but these are private arrangements.
The CPF Board does not track the basis for these voluntary contributions, such as whether they are for equalising CPF rates for employees aged 55 and above.
In 2018, about 1,000 employers made voluntary contributions for approximately 13,000 employees aged 55 and above.
The response highlights a gap in data collection regarding the specific reasons for voluntary CPF rate restorations for older employees.

Questions identified by AI (learn more)

Companies That Voluntarily Restored CPF Contribution Rates for Employees Aged 55 Years and Above | PAPERCUTS

Companies That Voluntarily Restored CPF Contribution Rates for Employees Aged 55 Years and Above

Summary

Questions Identified

Full Transcript

Assoc Prof Daniel Goh Pei Siong

Mrs Josephine Teo

Summary

Questions Identified

Companies That Voluntarily Restored CPF Contribution Rates for Employees Aged 55 Years and Above

Summary

Questions Identified

Full Transcript

Assoc Prof Daniel Goh Pei Siong

Mrs Josephine Teo

Summary

Questions Identified